EV maker Lucid Motors was expected to report it lost money during the final quarter of 2024, but the company’s earnings report featured a surprise element: the departure of its founder and CEO Peter Rawlinson.
Lucid CEO Peter Rawlinson stepped down from his post after leading the EV maker for 12 years.
The company did report another loss, but Rawlinson’s departure was the big news — and recent news.
“Now that we have successfully launched the Lucid Gravity, I have decided it is finally the right time for me to step aside from my roles at Lucid,” said Peter Rawlinson in a statement as he was not on the earnings call.
“I am incredibly proud of the accomplishments the Lucid team have achieved together through my tenure of these past 12 years. We grew from a tiny company with a big ambition, to a widely recognized technological world leader in sustainable mobility.”
Rawlinson will serve as Strategic Technical Advisor to the Chairman of the Board. The company’s board of directors is searching for a new CEO. It’s unclear if the interim CEO, Marc Winterhoff, is a potential candidate. Winterhoff, who was the chief operating officer, didn’t address it during the call.
Impact of departure
The Lucid Gravity will go up against the Tesla Model X, Rivian R1S and other 3-row EVs coming from the likes of Cadillac, BMW and others.
The company’s stock jumped 8% in after-hours trading, but it is down more than 11% into the $2.30 range in morning trading.
Andres Sheppard, senior equity analyst at Cantor Fitzgerald, described Rawlinson’s departure as “surprising” but not unexpected given the company’s previous underperformances, according to Reuters. He noted the production forecast is “encouraging.”
While the company is burning through cash, there’s reason for optimism.
“They (Lucid) still have an amazing product. Now it’s just a matter of can they turn the company around, can they increase demand and production with the Gravity, and really that’s going to bridge the gap to their mid-size vehicle in 2026,” Sheppard said.
More Lucid News
- Lucid Hopes to Get Off the Ground as Production of Gravity SUV Begins
- First Look: Lucid Gravity
- Lucid’s Model Y Fighter, the Earth, Set to Launch in Late 2026
The most recent numbers
Lucid reported revenue of $234.5 million during the final quarter of the year, which beat Wall Street expectations of $214.2 million, according to data compiled by LSEG. It’s full year revenue came in at $807.8 million, substantially higher than the $595.3 million for all of 2023.
Lucid claims to be gaining sales by attracting customers who no longer want a Tesla.
It posted a Q4 net loss of $397.2 million, compared with a loss of $653.8 million a year ago. For the year, its net loss was slightly improved year-over-year: $2.7 billion versus $2.8 billion.
The company built 3,386 vehicles in Q4 and 9,029 vehicles in 2024, which was in line with the 2024 production guidance of 9,000 vehicles. The company forecast 2025 production of approximately 20,000 vehicles.
Rivian’s impact
Rawlinson’s departure comes just as rival EV maker Rivian posted its first profit in its history. Admittedly, the move to get into the black was the result of a round of cost cuts and sales of tax credits, but being in the positive is a sign of progress.
The two companies kicked off at nearly the same time, but Rivian’s produces four times more vehicles than Lucid, and pushed its second vehicle, the R1S SUV into production more than a year ago. It’s also shown the next two sets of vehicles it plans to bring to market, which certainly put pressure on Rawlinson.
Lucid is just now taking orders for its second product, the Gravity SUV. This is against a backdrop of slowing EV sales and the Trump administration’s efforts to eliminate incentives for buying EVs, although Lucid’s vehicles did not qualify for.
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